The average person’’s foreign exchange transaction is in having to change their currency into that of
the country they wish to visit. This they do by going to the high street travel agent, Post Office,
or bank. They do not worry too much about saving on the exchange rate for the relatively small amount
in question.
There comes a time when they may wish to make a much larger transaction abroad such as buying a car
or a boat, but mainly a house. This of course is a different cup of tea, and it is much cheaper to
use the services of foreign currency exchange companies who can arrange cheaper quotes than the high
street banks, therefore making it possible to save considerable money.
It is important to keep things simple and easy to understand.
Take an example of a Mr Smith wanting to buy a property in France. He needs to have a sum to cover
the cost of the house and a sum to cover the other payments such as agent’’s fees etc. He adds it all
up and comes to a total amount he will need to have in the foreign currency in this case the Euro. He
has to get the required Euros. He now begins to realize that the price of the house also has a cost
of the currency exchange rate to consider.
More than likely he will go to his bank to see what amount of Sterling they will require from him to
purchase that foreign currency and send it to the seller. It is at this point he ought to be prudent.
It is a good idea to go to the bank and get a quote as to how much it would cost to buy the required
Euros and to have them sent to their destination. However, Mr Smith should spend a little time
checking with some of the foreign currency exchange companies and get a quote from them too! Mr.
Smith may find that he could save himself a nice few thousand because the rates that he could get
will be undoubtedly cheaper than those from the high street bank. In short, a buyer like Mr. Smith
might find the best way to proceed as follows:
1. Open a bank account in the country and place where he is buying the house. This is quite easy and
the local estate agent will be pleased to introduce him to a bank.
2. Try to find the best currency exchange rate from the many companies that deal in foreign exchange.
After finding the best deal, have the currency sent directly to his account at the bank abroad.
It is worth a few phone calls to very likely save big money. Currency rates change all the time and
you have to bear that in mind, so the question is what is the percentage you would be charged above
the live rates.
Live rates are easy to find free on the internet. You cannot get access to buy at these rates and
there will always be a difference between the live rates and the rates you will get quoted. However,
the degree of this difference is what you are after. It pays to check to find a good deal. To be fair
you have to say what amount you are requiring to change because this may make a difference to the
rate you will get. Obviously, if you are talking about ten thousand as opposed to hundreds of
thousands this will count.
Money is sent by electronic transfer and banks charge for this usually between 25 and 35 pounds when
sending money abroad bank to bank. The foreign currency exchange companies do not usually make a
charge because they already calculate it within the rate of exchange in their quote, which is very
fair since they will invariably give a better quote for currency rates than the high street bank who
will charge the transmission cost as well!
Foreign currency exchange companies know that they are cheaper than the high street banks. Can you
imagine that they could exist if they were not cheaper? Apart from that they are more focused on this
type of business because they are specialists in this field.
When you go to a restaurant it is the chef that matters. When you go to a hairdresser it is the
cutter that matters. When you go to a garage it is the mechanic that matters. With the foreign
currency exchange companies you have personal attention to your particular needs by a specialist.
Above all, you can save money.
ForexGen offers the easiest, simplest and fastest way of Forex funds depositing, withdrawing and
transferring provided by Customer Support personnel available 24/7 In order to serve its clients any
time all over the world.
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